ADDX GO Market Morning Wrap - 19th July

On Friday, U.S. stock futures experienced a day of narrow fluctuations amid Fed Governor Waller’s push for a July rate cut, fresh consumer survey data, and earnings volatility. Major European indices showed mixed performance.  

 

At the close, the S&P 500 dipped 0.01% to 6,296.79, the Nasdaq Composite edged up 0.05% to a fresh all-time high of 20,895.66, and the Dow Jones Industrial Average fell 0.32% to 44,342.19.  

Over the past week, the S&P 500 gained 0.59%, the Nasdaq rose 1.51%, and the Dow slipped 0.07%.  

 

A notable development emerged as the Fed’s website posted Waller’s Thursday speech at NYU, titled “The Case for a Rate Cut Now,” hinting he’d vote against colleagues if they resist a cut at the next meeting in two weeks.  

However, with only Waller and Vice Chair Bowman mentioning a July cut, markets still see September as the likely start for rate reductions.  

 

Friday’s University of Michigan survey showed consumer confidence hitting a February high in early July, with easing inflation expectations, reinforcing recent data supporting market sentiment.  

 

Daniel Skelly, head of market research and strategy at Morgan Stanley Wealth Management, summarized the week’s U.S. stock performance: “Though economic data and earnings mostly beat expectations, stock gains were modest, possibly foreshadowing a sideways trend for the rest of the year.”  

 

Skelly added: “Despite ongoing tariff uncertainty, markets may have adapted to coexist with it. Without a clear resolution soon and with the Fed holding firm on rates, index price action could remain range-bound.”  

Global Hotspots  

Trump Sues Media Mogul Murdoch and WSJ Reporters  

 

On July 18 local time, President Trump filed a defamation lawsuit against News Corp, Dow Jones, Rupert Murdoch, and two Wall Street Journal reporters, alleging a “forged letter” to Epstein caused “massive economic and reputational harm,” seeking at least $10 billion.  

 

Trump Signs Stablecoin Bill, Robinhood and Coinbase Hit Records

 

On July 18 local time, Trump signed the “Guidance and Establishment of U.S. Stablecoin National Innovation Act” (Genius Act) at the White House.

 

Robinhood and Coinbase hit all-time highs, though Circle fell over 4% after an 11% spike. All three CEOs attended the signing.  

 

U.S. Consumer Confidence Hits 5-Month High, Inflation Worries Ease  

 

With trade tensions easing, U.S. consumer confidence rose for the second month, and inflation concerns faded.

 

The University of Michigan reported a July preliminary index of 61.8, up from 60.7, beating the expected 61.5, the highest since February.  

 

Japan’s “Chip National Team” Showcases 2nm Prototype Post-EUV Arrival 

 

On Friday local time, Japan’s Rapidus, dubbed the “chip national team,” unveiled a 2nm full-gate-all-around (GAA) transistor test wafer prototype, confirming early electrical properties meet expectations six months after receiving advanced EUV equipment.  

 

Weight-Loss Drugs’ Latest “Side Effect”: Slimming Danish Grocery Sales  

 

In Novo Nordisk’s home base of Denmark, weight-loss drug popularity has boosted growth, but retailers warn of revenue hits as food consumption drops.

 

The Danish Retail Association (DSK) reported Friday that an analysis estimates over 1 billion DKK (~$160 million) in lost grocery sales.  

Company News  

Chevron Wins “Century Arbitration,” Completes Hess Acquisition  

 

An international tribunal on Friday dismissed ExxonMobil’s objection to Chevron’s $53 billion Hess acquisition, granting Chevron rights to Guyana’s Stabroek oilfield. ExxonMobil fell 3.48% Friday.  

 

Block Joins S&P 500 Index

 

Following Chevron’s Hess deal, S&P Global announced fintech Block will join the S&P 500, effective July 23. Block rose over 9% after-hours Friday.  

 

Meta Rejects EU AI Code of Conduct  

 

On Friday local time, Meta’s global affairs chief Joel Kaplan stated the company won’t sign the EU’s final “General-Purpose AI Code of Conduct,” citing legal uncertainty and measures exceeding the AI Act’s scope.  

Forex & Commodities  

International oil prices declined.  

 

At the close, WTI crude futures on NYMEX fell $0.18 to $66.05 per barrel, down 0.27%, while Brent crude futures dropped $0.24 to $69.28 per barrel, down 0.35%.  

 

COMEX gold futures rose $13.00, or 0.39%, to $3,358.3 per ounce.  

 

In late New York trading, the U.S. Dollar Index fell 0.18% to 98.46, with most non-U.S. currencies gaining.  

Key Events  

CFTC: Speculators Turn Bearish on Yen, Cut Dollar Shorts  

 

The CFTC’s latest data shows leveraged funds exited yen long positions for the first time since March, turning bearish, while cutting dollar short positions to $17.5 billion, the lowest since June 10. Japan’s Senate election is Sunday.  

Cryptocurrency  

Major digital assets rose broadly Friday.  

 

Bitcoin fell 1.5% to $117,476, with 24-hour volume up 19.3% to $81.6 billion.  

 

Ethereum (ETH-USD) rose 3.6% to $3,552.  

 

XRP (XRP-USD) gained 2.4%, BNB (BNB-USD) up 1.7%, Solana (SOL-USD) up 2%, Dogecoin (DOGE-USD) surged 9.3%, and Cardano (ADA-USD) rose 1%.  

 

The crypto market cap dipped 0.1% to $3.84 trillion, with volume up 24.7% to $256.47 billion.  

Key Events  

Global Crypto Market Cap Tops $4 Trillion for First Time  

 

CoinGecko data shows the crypto market cap surpassed $4 trillion Friday.

 

Industry experts note this surge aligns with U.S. legislative moves, a major step toward mainstream adoption, drawing in previously cautious institutional funds.